72.

Which of the following is one of the functions of the  QRC? 

a. To promulgate accounting and auditing  standards that will be generally accepted in the  Philippines. 
b. To evaluate periodically the performance of  educational institutions offering accountancy 
education. 
c. To prescribe and or/ adopt a Code of Ethics for  the practice of accountancy. 
d. To conduct a review on applicants for  registration to practice public accountancy  and
render a report which shall be  
attached to the application for registration. 

73. All CPAs who are considered in the practice of  accountancy shall abide by the requirements, rules  and
regulations on continuing professional education.  For this purpose, it is required that all registered  CPAs
must complete a number of CPE units  equivalent to 
a. 60 credit units in three years 
b. 45 credit units in three years 
c. 30 credit units in three years 
d. 15 credit units in three years 

74. For every CPE seminars or conventions attended,  participant CPAs shall get a CPE credit equivalent to a.
One credit unit per hour. 
b. Two credit units per hour. 
c. Three credit units per hour. 
d. Five credit units per hour. 

75. Unless otherwise exempted, registered CPAs in the  practice of accountancy who have not completed the 
CPE requirements shall 
a. Be dropped from the roster of CPAs. 
b. Not be allowed to renew their professional  licenses. 
c. Present evidence to the satisfaction of the Board  that they have the necessary knowledge, skills  and
experience to discharge their professional  responsibility. 
d. Submit a letter addressed to the Board indicating  the reasons for not complying with the CPE 
requirements. 

76. Which of the following statements is correct about  the PRC CPE Council? 
a. The Council shall be composed of six members  and a chairperson. 
b. The members of the Board shall choose a  chairperson from among themselves. 
c. The members of the Council shall be appointed  by the Commission upon recommendation of the
Board in coordination with APO. 
d. The chairperson and members of the Council  shall have a term of three years renewable for 
another term. 

77. How many CPE credit units must be accumulated by  a registered accounting professional within the 3-
year period? 
a. 15 credit units 
b. 45 credit units 
c. 60 credit units 
d. 90 credit units 

78. The following statements relate to CPE credit units.  Which is incorrect? 
a. The total CPE credit units for registered  accounting professionals shall be sixty (60) credit  units for
three (3) years, provided that a  
minimum of fifteen (15) credit units shall be  earned in each year. 
b. Any excess credit units in one year may be  carried over to the succeeding years within the  three-
year period. 
c. Excess credit units earned may be carried  over to the next three-year period  
 including credit units earned for doctoral  and master's degrees. 
d. One credit hour of CPE program, activity or  source shall be equivalent to one (1) credit unit. 

79. The following statements relate to the exemption  from CPE requirements. Which is false? 
a. A registered professional shall be  
permanently exempted from CPE  
requirements upon reaching the age of 60  years old. 
b. A registered professional shall be permanently  exempted from CPE requirements upon reaching  the
age of 65 years old. 
c. A registered professional who is working or  practicing his/her profession abroad shall be  temporarily
exempted from compliance with CPE  requirements during the period of his/her stay  abroad provided
that he/she has been out of the  country for at least two years immediately prior  to the date of
renewal. 
d. A registered professional who is furthering  his/her studies abroad shall be temporarily  
exempted from compliance with CPE  
requirements during the period of his/her stay  abroad provided that he/she has been out of the 
country for at least two years immediately prior  to the date of renewal. 

80. A registered professional shall be permanently exempted from CPE requirements upon reaching the  age
of 
a. 55 years old 
b. 65 years old 
c. 60 years old 
d. 70 years old 

81. As defined in Annex "C" of the IRR, this refers to the  inculcation, assimilation and acquisition of 
knowledge, skills, proficiency and ethical and moral  values, after the initial registration of a professional 
that raise and enhance the professional's technical  skills and competence. 
a. Professional Development 
b. Continuing Professional Education 
c. Continuing Professional Development